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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $1.52 to $70.75, while Brent for August added $1.16 to $73.15 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.70 to WTI, up from a discount of $16.20. Natural gas for August (new front month) lost nine cents at $3.18. The TSX energy index lost a fraction of a point to close at 374.03.

Oil prices performed what has become their standard weekend ritual, climbing on headlines of renewed U.S.-Iran tensions (with tit-for-tat strikes across the Persian Gulf), only for cooler heads and de-escalatory headlines to prevail Monday (with both sides agreeing to pause strikes and resume talks). Canada's oil patch is counting down the hours until the Alberta government's Canada Day deadline to submit its proposal to Ottawa for a new West Coast pipeline. The TSX will be closed Wednesday for Canada Day, while U.S. markets will be closed Friday in observance of Saturday's Independence Day, setting the stage for a shorter trading week and a slower pace of corporate news.

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